Molloie said 57 percent of San Diego venture capital investment went to start-up and early stage companies in 2012, up from 47 percent in 2011.

Nationally, seed and early stage investments decreased slightly to 32 percent of all money invested, compared with 33 percent in 2011.

Outside of life sciences, software investment dollars increased in San Diego last year, with $157 million in 16 deals. That compares with $112 million in 15 deals the prior year.

In the fourth quarter, 24 local start-ups raised $175 million -– a decline from the fourth quarter 2011 when 25 companies raised $296 million, according to the Money Tree survey.

Looking ahead, the Money Tree report doesn’t forecast much improvement in the nationwide venture capital landscape in 2013. But Molloie is more optimistic about San Diego’s outlook, in part because of new venture capital funds being raised that focus on life science investing.

“I do think there is a lot of activity with fund formation that will keep 2013 at least on par with 2012,” he said.